Securities and Exchange Commission Chairman Jay Clayton called Tuesday for better disclosure from companies whose computer systems have been hacked.
Speaking as the Equifax hack controversy continues to swirl, Clayton said the current level of information coming from companies is inadequate and posing dangers on multiple fronts.
"Companies should be providing better disclosure about their risk profile. Companies should be providing sooner disclosure about intrusions that may affect shareholder investment decisions," the regulatory chief said during testimony before the Senate Committee on Banking, Housing and Urban Affairs. "Across our markets there should be better disclosure as to the cyber-risks we face."
Clayton said he couldn't speak on the Equifax matter specifically. But he said disclosure is a general problem that impacts both consumers and investors.
"We expect people to constantly assess," he said. "When they have notice of a cyberbreach we expect people to constantly assess whether that breach is material to investors, and when they determine that it is, make appropriate disclosure promptly."